ETC Group is close to launch the first cryptocurrency exchange-traded product (ETP) on the German stock exchange. In cooperation with Deutsche Börse Group, this product should be listed on the Xetra server via the white label platform HANetf, informs etfstream.
Once the company receives approval from financial regulator BaFin, BTCE will be launched first, most likely by the end of this month.
BTCE stands for BTCetc Bitcoin Exchange Traded Crypto, which tracks the price of bitcoin and is physically supported with the total expense ratio (TER) 2%.
Germany did allow crypto companies to expand its services from this year, mainly after March 2. when BaFin officially recognized cryptocurrencies as financial instruments. Read here
Bradley Duke, CEO of ETC Group, said:
The crypto sector has been held back by concerns about complexity, accessibility and governance. With BTCE, we are transporting bitcoin into the fold of mainstream, regulated financial markets. Investors get the benefits of trading and owning bitcoin through a regulated security while having the optionality of redeeming bitcoin if they choose.
BTCE will be later accessible also in the UK, Italy and Austria.
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